APG Asset Management N.V. Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

APG Asset Management N.V. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 319,918 shares of the software maker’s stock after buying an additional 12,800 shares during the quarter. APG Asset Management N.V. owned 0.20% of Fortinet worth $64,256,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in FTNT. BlackRock Inc. boosted its holdings in Fortinet by 1.6% in the second quarter. BlackRock Inc. now owns 10,980,868 shares of the software maker’s stock valued at $2,615,533,000 after purchasing an additional 172,927 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Fortinet by 1,471.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,640,134 shares of the software maker’s stock valued at $1,777,834,000 after purchasing an additional 9,026,701 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Fortinet by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,864,862 shares of the software maker’s stock valued at $1,158,762,000 after buying an additional 397,579 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Fortinet by 4.6% during the 2nd quarter. Geode Capital Management LLC now owns 2,767,923 shares of the software maker’s stock valued at $657,951,000 after buying an additional 121,386 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Fortinet by 2.5% in the second quarter. FMR LLC now owns 2,685,180 shares of the software maker’s stock worth $639,583,000 after buying an additional 66,419 shares during the last quarter. 68.50% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Fortinet stock opened at $310.10 on Thursday. Fortinet, Inc. has a 12 month low of $106.75 and a 12 month high of $322.00. The company has a quick ratio of 1.88, a current ratio of 1.96 and a debt-to-equity ratio of 0.94. The stock has a market cap of $50.65 billion, a PE ratio of 100.03, a price-to-earnings-growth ratio of 7.68 and a beta of 1.12. The business has a fifty day simple moving average of $304.16 and a 200-day simple moving average of $253.34.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, July 29th. The software maker reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.07. The firm had revenue of $801.10 million during the quarter, compared to analyst estimates of $741.76 million. Fortinet had a return on equity of 49.90% and a net margin of 17.69%. During the same period last year, the company posted $0.82 EPS. Analysts expect that Fortinet, Inc. will post 2.84 EPS for the current fiscal year.

In other Fortinet news, VP Michael Xie sold 2,088 shares of the stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $281.20, for a total transaction of $587,145.60. Following the transaction, the vice president now owns 1,095 shares in the company, valued at $307,914. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 7,992 shares of the business’s stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $301.31, for a total transaction of $2,408,069.52. Following the transaction, the chief financial officer now directly owns 3,342 shares of the company’s stock, valued at approximately $1,006,978.02. The disclosure for this sale can be found here. Insiders have sold a total of 52,491 shares of company stock valued at $15,774,137 in the last three months. Company insiders own 18.60% of the company’s stock.

FTNT has been the subject of several research analyst reports. Wedbush boosted their target price on shares of Fortinet from $310.00 to $350.00 and gave the stock an “outperform” rating in a research report on Monday, August 30th. The Goldman Sachs Group reiterated a “buy” rating on shares of Fortinet in a research report on Tuesday, September 28th. KeyCorp upped their price target on Fortinet from $297.00 to $324.00 and gave the company an “overweight” rating in a research report on Friday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $242.00 to $250.00 and gave the stock a “hold” rating in a report on Friday, July 30th. Finally, Colliers Securities reaffirmed a “buy” rating and set a $350.00 price objective on shares of Fortinet in a research report on Tuesday, September 21st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $259.17.

About Fortinet

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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